Cleantech shares bounced back in September with many indices that track the cleantech sector showing strong gains during the month. But the performance of cleantech shares in Europe was rather mixed.
Gains in the US cleantech sector were driven by strong performances by stocks in multi-billion dollar companies such as First Solar (up 14%) and SunPower Corporation (up 26.7%). Since neither company released results during the month, it would appear that these firms are benefiting from a return of positive sentiment towards the cleantech sector among US investors.
There was also cheer in Scandinavia, where Danish wind power company Greentech saw its share price increase by more than 70% during the month (see story below), while Norwegian photovoltaic device manufacturer Renewable Energy Corporation enjoyed a rise of 22.51% in its share price to NOK19.92 (214p). However, shares in wind turbine manufacturer Vestas, Denmark’s leading cleantech business, fell 6% during the month to DKK206.
In France, one the country’s top renewable energy firms, EDF Energie Nouvelles, saw its share price fall by 8.65% to €28.08, while water and waste giant Veolia Environnement managed a modest gain of 1.35%. Euronext-listed battery business Saft Groupe improved by 15.1%. During September the firm – which designs and manufactures high-tech batteries for a variety of purposes, including renewable energy applications – won a $3.2 million contract for lithium-sulphur dioxide batteries from the Canadian Department of National Defence.
German solar companies had a poor month, with shares in Q-Cells – once a leading solar stock in Germany – experiencing the biggest loss (20.7%) during September and ÖkoDAX being the only major cleantech index to fall (see back page). Fears of increased competition in the sector seem to have prompted the poor performance, with a recent report by strategy consultants Roland Berger predicting that only half of Germany’s 50 major solar energy companies will survive the accelerating price war in the photovoltaic industry.
On London’s Alternative Investment Market – a home to many small, growth cleantech shares – Renewable Energy Holdings was a standout performer, with its share price gaining 53.4% to reach 13.6p during September. The firm is selling its German wind interests, giving it the necessary cash to move forward with other projects (see page 2).
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